The holiday season is upon us, bringing images of gatherings with friends and family, pumpkin pie, decorated trees, gifts—and debt? Avoid owing more money by learning to better manage your holiday spending.

It can be easy to go overboard on holiday shopping, but with a little bit of planning and budgeting, it is possible to celebrate without spending a fortune. Here are some tips:

7 Tips to Manage Your Holiday Spending

Give yourself a set amount to spend. Your budget is your buddy if you want to keep holiday spending under control. Determine how much to spend and give yourself a hard limit to ensure you stay under budget. Track your expenses so you know what
you’re spending and can stay on track.

Set budgets for everyone on your shopping list. From your nearest and dearest to your thoughtful neighbor, provide a dollar figure for each person you are gifting. Setting individual spending amounts can help pace your purchases.

Remember Non-Gift Spending, Too

Make sure your budget covers all holiday expenses—not just gifts. Gift-buying is a major expense in any holiday shopping budget, but shouldn’t be the only expense you consider. Planning to buy any new holiday decorations or hosting a holiday dinner? What about traveling? Manage your holiday spending to ensure your budget covers all expenses.

Shop early to hunt for deals. When it comes to holiday deal-hunting, the early bird may still get the worm. Pay attention to ads and promotions such as Black Friday and Cyber Monday, and see if you can get more bang for your buck.

Focus on crafts, homemade gifts or experiences. Consider alternative types of gifts that are easier on your budget and often more meaningful. You can make a homemade candle or wreath, bake a holiday dish or offer to clean a loved one’s home. These can be more appreciated and memorable than a store-bought gift.

Begin at the Beginning of the Year

Save year-round. The costs of holiday spending can be overwhelming for a one- or two-month budget. Save yourself this financial burden by setting aside monthly savings to spend throughout the holidays. It may be too late to take advantage of this budgeting tip for the coming holiday season so make a plan for 2023, such as a Savers Club account.

Skip a Payment. Free up your cash by taking advantage of this Mid Oregon service and enjoy a little breathing room during the holiday season. If you don’t have your loans with Mid Oregon, ask your financial institution what they can do.

It is worth it to manage your holiday spending and avoid the credit card debt hangover. Even if you can avoid the extra debt, you might have to sacrifice in other ways. Whether you struggle with holiday spending or you’re just looking for ways to better manage your money, using these budgeting tips can help you become a smarter shopper and spare you the stress of overspending.

Cheers!

Read more about good spending habits